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Chap012-1 - Chapter 12 PRICING PRODUCTS AND SERVICES Test...

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Chapter 12 PRICING PRODUCTS AND SERVICES Test Item Table Major Section of the Chapter Level of Learning Level 1: Definition (Knows Basic Terms & Facts) Level 2: Conceptual (Understands Concepts & Principles) Level 3: Application (Applies Principles) Where Dot-Coms Still Thrive (pp. 257-258) 1, 2 Nature and Importance of Price (pp. 258-260) 3, 5, 7, 8, 9, 11, 12, 13, 17, 18, 19, 206 4, 14, 205, 207, 208 6, 10, 15, 16, 20 General Pricing Approaches (pp. 260-265) 22, 23, 29, 35, 41, 44, 45, 48, 54, 57, 58, 61, 64, 67, 69, 72, 73, 80 21, 24, 26, 28, 31, 32, 33, 40, 42, 43, 46, 47, 49, 53, 56, 63, 70, 71, 75, 79, 81, 209, 210 25, 27, 30, 34, 36, 37, 38, 39, 50, 51, 52, 55, 59, 60, 62, 65, 66, 68, 74, 76, 77, 78, 82 Estimating Demand and Revenue (pp. 265-267) 84, 85, 87, 88, 95 83, 86, 91, 92, 94, 99, 100, 101, 211, 212, 213 89, 90, 93, 96, 97, 98, 102, 103 Determining Cost, Volume, and Profit Relationships (pp. 268-270) 104, 105, 106, 110, 111, 130, 131, 132, 133, 214 107, 109, 134 108, 112, 113, 114, 115, 116, 117, 118, 119, 120, 121, 122, 123, 124, 125, 126, 127, 128, 129, 215 Pricing Objectives and Constraints (pp. 270-272) 135, 141, 146, 147, 156, 157, 161, 165, 167, 216 136, 137, 138, 139, 140, 143, 144, 148, 149, 150,153, 154, 155, 158, 217 142, 145, 151, 152, 159, 160, 162, 163, 164, 166, 168 Setting A Final Price (pp. 273-276) 172, 174, 176, 179, 180, 188, 193, 194, 197, 199, 201, 218, 219, 220 169, 170, 173, 175, 178, 181, 184, 185, 187, 195, 196, 200, 221 171, 177, 182, 183, 186, 189, 190, 191, 192, 198 Video Case: Washburn International (pp. 278-279) 202, 203, 204 Note: Bold numbers indicate short essay questions. 742
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CHAPTER 12 PRICING PRODUCTS AND SERVICES MULTIPLE CHOICE QUESTIONS 12-1 CHAPTER OPENING EXAMPLE CONCEPTUAL What do Expedia, Travelocity, and Priceline have in common? a. They are three websites that use the same Internet service provider (ISP). b. They are companies that use reverse auctions to sell their merchandise. c. They are three online websites that only sell to businesses. d. They are all franchise operations that operate in the business-to-business market only. e. They are the three leading online travel websites. Answer: e Page: 257 Rationale: These three websites book airline tickets, hotel rooms, and special travel packages for travelers. 12-2 CHAPTER OPENING EXAMPLE CONCEPTUAL Online travel websites have not experienced the same problems as other dot-com companies because these websites: a. rarely attempt to establish any type of long-term relationships with customers. b. focus on market share. c. use tactical objectives instead of strategic objectives. d. allow customers to save money and time. e. create form utility for customers. Answer: d Page: 257 Rationale: Like any company, online travel sites must establish marketing relationships with customers. Travel companies have beaten the dot-com odds by providing two key benefits to customers: saving money and time. 12-3 PRICE DEFINITION College tuitions, initiation fees, bus fares, and club dues are all: a. premiums. b. bartering tools. c. mediums of exchange. d. synonyms for price. e. examples of liquidity. Answer: d Page: 258 Rationale: Key term definition—price 743
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12-4 PRICE CONCEPTUAL Which of the following is a price? a. operating costs b. liquidity c. equitable medium d. college tuition e. stockholders' equity Answer: d Page: 258 Rationale: College tuition is the money paid by a college student for a term of classes or the price of the education.
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